Keeping your customers’ financial information safe is paramount in today’s digital age(*). This is especially true for businesses that accept credit card payments. The Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations designed to ensure the safe storage, processing, and transmission of cardholder data. Here at PaymentVision, we understand the importance of PCI compliance, and why adhering to the latest standards is essential for your business.
What’s Changing in 2024?
One key update for 2024 concerns the PCI PIN Transaction Security (PCI PTS) standards. PCI PTS is a specific framework within the PCI DSS that focuses on the evaluation and approval of payment terminals. Unfortunately, support for older terminals like the iPP350 and ISC250 from PaymentVision is ending due to two important factors:
Manufacturer End of Support: These terminals are no longer being manufactured or serviced by the original company, meaning critical security updates and bug fixes are no longer available.
PCI PTS v4 Expiration: The current version of PCI PTS (v4) is expiring, and these older terminals are not compatible with the current PTS and future versions (up to v6).
Why Upgrading Matters
Continuing to use non-compliant terminals puts your business at significant risk. Here’s why upgrading to PCI-approved terminals is crucial:
- Enhanced Security: Newer terminals incorporate the latest security features to better protect sensitive cardholder data.
- Reduced Liability: In the unfortunate event of a data breach, businesses using non-compliant terminals may face increased financial penalties.
- Customer Confidence: Customers value their financial security. Upgrading to PCI-compliant terminals demonstrates your commitment to safeguarding their information.
Success Story: Rental Information Systems (RIS)
PaymentVision is proud to partner with leading software solution providers like Rental Information Systems, Inc. (RIS). RIS, a trusted solution for rent-to-own businesses, has proactively upgraded their interface to accommodate the newest PCI-compliant models. By prioritizing PCI compliance, RIS ensures the continued security of their clients’ data both outside of their systems and within the RIS architecture. These efforts foster trust and integrity with their customers.
Taking Action: Upgrading Your Terminals
Don’t wait until it’s too late. Ensure your business is protected by upgrading your payment terminals to PCI-approved models that meet the upcoming PCI PTS v4 standards. Contact PaymentVision today to discuss your options and find the perfect PCI-compliant solution for your company.
“Remember, by prioritizing PCI compliance, you’re not just protecting your business – you’re safeguarding your customers’ financial information and building trust for a secure future.” – Scott Wittosch
